BEACON POWER CORP

CIK:0001103345|SEC Filings

Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
Consolidated Statements of Operations (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenue	$ 1,005,495	$ 124,355	$ 1,975,624	$ 525,375
Cost of goods sold (exclusive of items shown separately below)	549,352	118,533	1,180,443	373,674
Gross profit	456,143	5,822	795,181	151,701
Operating expenses:
Operations and maintenance	841,700	195,411	2,652,333	1,985,578
Research and development	1,034,580	1,509,219	3,667,011	5,470,987
Selling, general and administrative	1,736,216	2,185,046	7,084,677	6,560,695
Loss on contract commitments		1,070,487		970,836
Depreciation and amortization	1,069,023	515,789	2,758,038	1,591,268
Loss on impairment of assets	42,343,994		42,343,994
Total operating expenses	47,025,513	5,475,952	58,506,053	16,579,364
Loss from operations	(46,569,370)	(5,470,130)	(57,710,872)	(16,427,663)
Other income (expense):
Interest income	1,678	392	9,021	10,020
Interest expense	(414,148)	(15,042)	(1,331,650)	(160,003)
Non-cash interest income related to preferred stock and associated warrants	1,157,649		3,625,525
Loss on extinguishment of debt	(145,182)		(7,524,647)
Other income (expense)	(18,768)	(53,967)	(73,969)	(52,076)
Total other income (expense), net	581,229	(68,617)	(5,295,720)	(202,059)
Net loss	(45,988,141)	(5,538,747)	(63,006,592)	(16,629,722)
Loss to common shareholders	$ (45,988,141)	$ (5,538,747)	$ (63,006,592)	$ (16,629,722)
Loss per share, basic and diluted (in dollars per share)	$ (1.60)	$ (0.28)	$ (2.38)	$ (0.89)
Weighted-average common shares outstanding - basic (in shares)	28,725,508	19,822,934	26,427,728	18,644,171
Weighted-average common shares outstanding - diluted (in shares)	28,725,508	19,822,934	26,427,728	18,644,171

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
Consolidated Statements of Cash Flows (USD $)	Sep. 30, 2011	Sep. 30, 2010
Cash flows from operating activities:
Net loss	$ (63,006,592)	$ (16,629,722)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,758,038	1,591,268
Loss (gain) on sale or disposition of assets	165,526
Impairment of assets, net	42,343,994
Interest expense relating to issuance of warrants	33,115	39,343
Loss on extinguishment of debt	7,524,647
Non-cash interest income related to preferred stock and associated warrants	(3,625,525)
Options and warrants issued to service provider		15,739
Stock-based compensation	1,046,857	684,374
Deferred rent	(120,548)	(99,091)
Changes in operating assets and liabilities:
Accounts receivable	(169,479)	(1,511,616)
Unbilled costs on government contracts	(19,488)	556,046
Prepaid expenses and other current assets	101,578	154,825
Accounts payable	1,457,190	(1,094,056)
Accrued compensation and benefits	97,025	163,759
Advance billings on contracts	795,531	(33,541)
Accrued loss on contract commitments	(196,183)	856,395
Deferred revenue - current	163,705	49,214
Other accrued expenses and current liabilities	(1,896,829)	1,396,413
Net cash used in operating activities	(12,547,438)	(13,860,650)
Cash flows from investing activities:
Restricted cash	218,963	(3,016,369)
Increase in other assets	(79,436)	(105,154)
Purchases and manufacture of property and equipment	(19,915,559)	(12,767,244)
Advance payments to suppliers (net)	341,942	(3,248,893)
Net cash used in investing activities	(19,434,090)	(19,137,660)
Cash flows from financing activities:
Stock offerings, net of expenses	424,032	2,237,764
Shares issued under employee stock purchase plan	43,244	60,522
Issuance of debt	16,613,225	8,199,546
Repayment of debt	(526,250)	(491,955)
Cash paid for financing costs	(57,086)	(2,474,627)
Preferred warrant exercises	5,000,000
Common warrant exercises	1,644,822	5,902,038
Net cash provided by financing activities	23,141,987	13,433,288
(Decrease) increase in cash and cash equivalents	(8,839,541)	(19,565,022)
Cash and cash equivalents, beginning of period	10,865,760	22,605,147
Cash and cash equivalents, end of period	2,026,219	3,040,125
Supplemental disclosure of cash flow information:
Cash paid for interest	305,709	216,103
Common Stock issued in lieu of dividends or to redeem or convert mandatorily redeemable preferred stock	$ 16,052,466

Consolidated Balance Sheets (USD $)	Sep. 30, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 2,026,219	$ 10,865,760
Accounts receivable, net	448,855	279,376
Unbilled costs on contracts in progress	86,213	66,725
Prepaid expenses and other current assets	561,402	725,862
Total current assets	3,122,689	11,937,723
Property and equipment, net	24,530,136	56,192,205
Restricted cash	3,009,970	3,228,933
Deferred financing costs	3,409,681	3,496,120
Advance payments to suppliers	510,042	851,984
Other assets	309,706	230,270
Total assets	34,892,224	75,937,235
Current liabilities:
Accounts payable	2,003,122	6,172,210
Accrued compensation and benefits	1,302,096	1,205,071
Other accrued expenses	1,487,409	4,211,555
Deferred revenue - current	212,919	49,214
Advance billings on contracts	22,865	26,409
Accrued contract loss	849,362	1,045,545
Deferred rent	183,621	164,308
Current portion of long term debt	702,962	661,215
Mandatorily redeemable convertible preferred stock	24,525	2,900,170
Preferred stock warrant liability - current		1,009,388
Common stock warrant liability	668,909	3,242,600
Total current liabilities	7,457,790	20,687,685
Long term liabilities:
Deferred revenue - long term	799,075
Deferred rent	442,348	582,210
Long term debt, net of unamortized discount	41,247,912	25,169,568
Preferred stock warrant liability - long-term		864,012
Total long term liabilities	42,489,335	26,615,790
Commitments and contingencies (Note 10, 20 and 21)
Stockholders' deficiency/equity:
Preferred Stock, $.01 par value; 10,000,000 shares authorized; no shares issued or outstanding
Common stock, $.01 par value; 200,000,000 shares authorized 30,325,288 and 20,967,529 shares issued at September 30,2011, and December 31, 2010, respectively	303,253	209,675
Deferred stock compensation	0
Additional paid-in-capital	276,997,361	257,772,383
Accumulated deficit	(291,642,051)	(228,635,459)
Treasury stock, 42,699 shares at cost	(713,464)	(712,839)
Total stockholders' equity	(15,054,901)	28,633,760
Total liabilities and stockholders' equity	$ 34,892,224	$ 75,937,235